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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
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22-32-1
Section 22-32-1 Enactment of Southeast Interstate Low-Level Radioactive Waste Management
Compact. The Southeast Interstate Low-Level Radioactive Waste Management Compact is hereby
enacted into law and entered into by the State of Alabama with any and all states legally
joining therein in accordance with its terms, in the form substantially as follows: SOUTHEAST
INTERSTATE LOW-LEVEL RADIOACTIVE WASTE MANAGEMENT COMPACT Article I. Policy and Purpose There
is hereby created the Southeast Interstate Low-Level Radioactive Waste Management Compact.
The party states recognize and declare that each state is responsible for providing for the
availability of capacity either within or outside the state for the disposal of low-level
radioactive waste generated within its borders, except for waste generated as a result of
defense activities of the federal government or federal research and development activities.
They also recognize that the management of low-level radioactive waste is handled most...
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40-18-174
Section 40-18-174 Tax imposed on certain built-in gains. (a) If for any taxable year
beginning in the recognition period an Alabama S corporation has a net recognized built-in
gain, there is hereby imposed a tax (computed under subsection (b)) on the income of such
corporation for such taxable year. (b)(1) The amount of the tax imposed by subsection (a)
shall be computed by multiplying five percent by the net recognized built-in gain of the Alabama
S corporation for the taxable year. (2) Notwithstanding Section 40-18-168, any net
operating loss carryforward which would be deductible except for Section 40-18-168
and which arose in a taxable year for which the corporation was not an Alabama S corporation,
shall be allowed as a deduction against the net recognized built-in gain of the Alabama S
corporation for the taxable year. For purposes of determining the amount of any such loss
which may be carried to subsequent taxable years, the net recognized built-in gain shall be
treated as...
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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2B-2.htm - 39K - Match Info - Similar pages
40-18-162
Section 40-18-162 Determination of tax of shareholder. (a) In determining the tax of
a shareholder for the shareholder's taxable year in which the taxable year of the Alabama
S corporation ends, or for the final taxable year of a shareholder who dies or of a trust
or estate that terminates before the end of the corporation's taxable year, there shall be
taken into account the shareholder's pro rata share of the corporation's: (1) Items of income,
including tax-exempt income, loss, deduction, or credit the separate treatment of which could
affect the liability for tax of any shareholder, including charitable contributions, and (2)
Nonseparately computed income or loss. The term "nonseparately computed income or loss"
means gross income minus the deductions allowed to the corporation under this article, determined
by excluding all items described in subdivision (1) of this subsection. (b) The character
of any item included in a shareholder's pro rata share under subsection (a) of this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-162.htm - 4K - Match Info - Similar pages
40-18-175
Section 40-18-175 Tax imposed when passive investment income of corporation having subchapter
C earnings and profits exceeds 25 percent of gross receipts. (a) If for the taxable year an
Alabama S corporation has accumulated earnings and profits at the close of the taxable year
derived from years during which the corporation was an Alabama C corporation, and gross receipts
more than 25 percent of which are passive investment income, then there is imposed a tax on
the income of the corporation for the taxable year. The tax shall be computed by multiplying
the excess net passive income by five percent. (b) (1) For purposes of this section:
a. Except as provided in paragraph b below, the term "excess net passive income"
means an amount which bears the same ratio to the net passive income for the taxable year
as (i) the amount by which the passive investment income for the taxable year exceeds 25 percent
of the gross receipts for the taxable year, bears to (ii) the passive investment income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-175.htm - 3K - Match Info - Similar pages
40-18-160
Section 40-18-160 General provisions. (a) An Alabama S corporation shall not be subject
to the tax imposed by Section 40-18-31. (b) For purposes of this chapter, an "Alabama
S corporation" is a corporation: (1) With respect to which an election under 26 U.S.C.
§1362 is in effect; or (2)a. With respect to which there is in effect an election under 26
U.S.C. §1361(b)(3) to treat such corporation as a qualified subchapter S subsidiary; and
b. All the stock of which is owned by an S corporation qualifying as an "Alabama S corporation"
under subdivision (b)(1). No corporation shall be an Alabama S corporation for any portion
of a taxable year of the corporation during which an election under 26 U.S.C. §1362 or §1361(b)(3),
whichever is applicable, is not in effect for federal income tax purposes. No corporation
shall be an Alabama S corporation if it is a financial institution, as defined in Section
40-16-1. (c) For purposes of this chapter, an "Alabama C corporation" means any...
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40-29-90
Section 40-29-90 Jeopardy assessment - For income tax. (a) Termination of taxable period.
If the commissioner or his delegate finds that a taxpayer designs quickly to depart from the
State of Alabama or to remove his property therein, or to do any other act tending to prejudice
or to render wholly or partly ineffectual proceedings to collect the income tax for the current
or the preceding taxable year unless such proceedings be brought without delay, the commissioner
or his delegate shall declare the taxable period for such taxpayer immediately terminated,
and shall cause notice of such finding and declaration to be given the taxpayer, together
with a demand for immediate payment of the tax for the taxable period so declared terminated
and of the tax for the preceding taxable year or so much of such tax as is unpaid, whether
or not the time otherwise allowed by law for filing return and paying the tax has expired;
and such taxes shall thereupon become immediately due and payable. In...
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40-18-33
Section 40-18-33 Corporate income tax - Taxable income. In the case of a corporation
subject to the tax imposed by Section 40-18-31, the term "taxable income"
means federal taxable income without the benefit of federal net operating losses plus the
additions prescribed and less the deductions and adjustments allowed by this chapter and as
allocated and apportioned to Alabama. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §400;
Act 98-502, p. 1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1.)...
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40-14A-34
Section 40-14A-34 (Repealed for taxable years beginning on or after January 1, 2002.)
Definition of taxable shares base. The taxable shares base shall be determined as follows:
(a) Multiply the corporation's initial taxable shares base by the apportionment factor used
to apportion the corporation's income to Alabama for purposes of the Alabama income tax in
accordance with Chapter 18 or that would be used if the corporation were subject to income
tax under Chapter 18. (b) From the amount determined in subsection (a), deduct the following:
(1) The book value of all devices, facilities, or structures, and all identifiable components
or materials for use therein, that are located in Alabama and are acquired or constructed
primarily for the control, reduction, or elimination of air, ground, or water pollution or
radiological hazards where such pollution or radiological hazards result from or would be
caused by activities of the taxpayer in Alabama; (2) The net amount invested by the...
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